The Tax Office won’t mind if you don’t make money but you need to look like you tried.
Artists who want to claim tax deductions on their materials or equipment need to be able to convince the Australian Tax Office (ATO) that they are running arts businesses.
That decision is based less on the income you generate than on the activities you are engaged in that have the potential to generate income, says Brian Tucker, whose accounting practice caters solely to an arts clientele.
